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The price of Bitcoins has introduced one of the strongest results recently during the last week, rising above USD 88,000 at the beginning. However, the most significant cryptocurrency experienced a steep correction on Friday, March 28, after the latest February inflation.
Because the price of BTC is currently under 84,000 USD, panic seems to grow on the market, because investors are afraid of further correction of the largest cryptocurrency in the world. Interestingly, the latest chain data show critical support levels for the Bitcoin price.
Is BTC threatened with a fall to USD 71,000?
In the last post on the X platform, Glassnode Blockchain Analytics explained The last behavior of investors and how this can affect the Bitcoin prices in the next few days. This assessment is based on data on the cost of investors’ distribution around the Bitcoin price.
According to Glassnode, the distribution data reflects the total bitcoins supply of the addresses with the average cost base in specific price buckets. As observed in the chart below, the heat map (color intensity) represents the size of the BTC supply in the price zone.
Source: @Glassnode on xGlassnode shows that a significant percentage of traders purchased around USD 15,000 at USD 78,000 on March 10 before selling at the last USD 87,000. After the last round of redistribution, BTC delivery at USD 78,000 is now slender, weakening the pillow of support.
It is worth noting, however, that the next key support levels are around USD 84,100, USD 82,090 and USD 80,920, where investors bought 40,000 BTC, 50,000 BTC and 20,000 BTC, respectively. However, the price of bitcoins can be threatened with deep correction if it loses these levels.
In the case of a deeper correction of USD 78,000, it may not offer a sufficiently powerful pillow for the flagship cryptocurrency after a recent sale by investors previously persistent at the level. Glassnode shows that the price of bitcoins may drop to USD 74,000, another significant support level of USD 80,000.
The analytical platform on the chain emphasized 74,000 USD (where investors bought 49,000 BTC) and USD 71,000 (where investors bought 41,000 BTC), because the next levels of support should decrease the price of bitcoins below 80,000 USD. “These levels reflect the conviction accumulation zones that could absorb additional pressure down,” added Glassnode.
Bitcoin price at first glance
In this letter, the Bitcoin price is about USD 83,800, which reflects the decrease in almost 4% in the last 24 hours.
Recommended photo from Istock, chart from TradingView
